Latin American e-commerce and financial services giant Mercado Libre has announced that it will expand its previously launched Meli Dólar, a dollar-pegged stablecoin developed by the company, to additional countries. The token, developed in partnership with Argentina-based cryptocurrency exchange Ripio, will launch in Mexico, according to Juan Vita, senior product manager at Mercado Pago.

Mercado Libre Expands Stablecoin Initiative Meli Dollar

Mercado Libre, one of the largest e-commerce and financial services companies in Latam, has revealed that it will expand the availability of its dollar-pegged stablecoin to other markets. During the Modular 2024 event held in Sao Paolo, Mercado Pago Senior Product Manager Juan Vita announced that the company has launched its meli dolar cryptocurrency in Mexico.

Mexico has become the company’s second target in Latam, which is one of the hottest places for cryptocurrency adoption in the region and the world. According to a recent report by Chainalysis, Mexico is second only to Brazil and Venezuela in terms of cryptocurrency adoption in the region, making the decision a logical move for the company.

Mercado Libre launched the Meli Dolar for the Brazilian market in August, aiming to provide customers in Latam with a way to keep the value of their earnings stable without having to access a dollar bank account. The token was launched in partnership with Ripio and is issued by Meli Uruguay SRL, a company within the Mercado Libre group.

Mercado Libre does not charge fees when buying, selling or trading in meli dollars, maintaining its advantage over solutions outside its platform. Local media reported that, because meli dollars are backed by US debt, it can pass on the profits from these bonds to holders, creating a kind of dollar bank account that can accrue interest.

The company also hinted at a possible launch in Argentina, with Vita stating that Argentine regulations could allow the meli dolar to be launched in the country soon. However, he did not provide a timeline for this development, nor did he provide any details on the subject.
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